a55555.net（www.a55555.net）_SCGM 4Q profit rises 11%, declares 1.32 sen
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KUALA LUMPUR: SCGM Bhd, which posted an 11.1% rise in net profit to RM8.47mil in the fourth quarter ended April 30, has declared a fourth interim dividend of 1.32 sen per share.
The food packaging manufacturer said the dividend would be paid on July 29, with an ex-date on July 14.
Alongside the previously-paid first, second and third interim dividends of 2.00 sen, 1.70 sen and 1.40 sen in respect of the financial year ended April 30 (FY22), SCGM’s total dividend payout for FY2022 amounts to RM12.4mil or 40% of FY2022 net profit.
SCGM has a dividend policy of distributing at least 40% of net profits to shareholders.
Its revenue in 4Q22 rose 8.8% to RM71.54mil against RM65.74mil posted in the same quarter last year.
In a statement, managing director Datuk Seri Lee Hock Chai said the Covid-19 pandemic had been a double-edged sword to its business.
“On one hand, our topline posted stellar performance from our F&B packaging segment.
“On the other hand, FY2022 bottomline was weighed down by the fluctuating raw material prices as a result of supply chain disruptions. This happened in spite of our efforts in adjusting selling prices upwards,” he said.
For the full FY22, SCGM reported an 8.1% dip in net profit to RM30.9mil versus RM33.6mil a year ago, despite 15.5% rise in total revenue to RM284.7mil from RM246.5mil previously.
SCGM said the higher revenue was driven by sales in the food and beverage (F&B) packaging segment, which constituted RM245.8mil or 86.3% of FY22 revenue.
The segment posted 18.8% higher sales in FY22 from RM206.9mil a year ago as consumers shifted their preferences to deliveries and takeaways after the onset of the Covid-19 pandemic.
On May 9, SCGM announced that it had entered into a conditional share sale agreement with Tokyo-listed Mitsui & Co Ltd and FP Corporation to dispose of the 100% equity interest held in its only subsidiary, Lee Soon Seng Plastic Industries Sdn Bhd (LSSPI), for a total cash consideration of approximately RM544.38mil.
Upon completion of the proposed disposal of LSSPI to the Japanese parties, the Board of SCGM proposes to distribute part of the disposal consideration, amounting to approximately RM425.56mil, to all entitled shareholders of SCGM within nine months after the disposal.
This will be done via a proposed capital reduction and repayment exercise, as well as a proposed special dividend.